MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
YD IPLIK SANAYI VE TICARET A.S. |
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Formerly Known as : |
Y D YARN’S SANAYI
VE TICARET A.S. |
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Registered Office : |
Levent Mah. Ceyhan
Yolu 4. Km. No: 176 Yuregir- Adana |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.09.2003 |
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Com. Reg. No.: |
43508 |
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Legal Form : |
Joint Stock
Company |
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Line of Business : |
Manufacture and Trade of Yarn |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 450,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
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ADDRESS |
: |
Head Office & Production Plant: Levent Mah. Ceyhan Yolu 4. Km.
No: 176 Yuregir- Adana / Turkey |
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PHONE NUMBER |
: |
90-322-346 64 77 |
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FAX NUMBER |
: |
90-322-346 63 77 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Yuregir / 9260271386 |
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REGISTRATION NUMBER |
: |
43508 |
|
REGISTERED OFFICE |
: |
Adana Chamber of Commerce Adana Chamber of Industry |
|
DATE ESTABLISHED |
: |
23.09.2003 (Commercial Registry Gazette Date/No: 06.10.2003/5900) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 4,000,000 |
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PAID-IN CAPITAL |
: |
The paid-in capital which was YTL 2,545,414
is declared to be YTL 2,907,689 now.There is no certification for the paid-in
capital. |
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HISTORY |
: |
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Previous Name |
: Y D Yarn’s Sanayi ve Ticaret A.S. |
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Name Changed On |
: 04.03.2004 (Commercial Registry Gazette Date/No: 17.03.2004/6009) |
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Previous Registered Capital |
: YTL 200,000 |
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Regist. Capital Changed on |
: 04.03.2004 (Commercial Registry Gazette Date/No: 17.03.2004/6009) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Javier Morillo Pilon Osman Basoglu Bensu Basoglu Ipek Basoglu Burcu Basoglu Saniye Basoglu Goksel Akcay Figen Yilmaz Funda Gok |
35 % |
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SUBSIDIARIES |
: |
None |
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|
BOARD OF DIRECTORS |
: |
Osman Basoglu Javier Morillo Pilon Goksel Akcay |
Chairman Vice-Chairman Member |
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DIRECTORS |
: |
Yuksel Basoglu Mukremin Basoglu Adil Basoglu |
General Coordinator General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of yarn The subject which was established on 23.09.2003 started active
operations in 2004. |
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SECTOR |
: |
Textile |
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TRADEMARK(S) |
: |
None |
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NUMBER OF EMPLOYEES |
: |
60 with sub-contractors |
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NET SALES |
|
(YTL Thousand) 0 120 3,560 4,214 3,250 |
(23.09-31.12.2003) (2004) (2005) (2006) (01.01-30.09.2007) |
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CAPACITY |
: |
(Tons/Yr) 1,273 |
(2008) |
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IMPORT COUNTRIES |
: |
Germany |
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MERCHANDISE IMPORTED |
: |
Parts of machinery |
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EXPORT VALUE |
: |
(YTL Thousand) 1,299 1,028 433 |
(2005) (2006) (01.01-30.09.2007) |
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EXPORT COUNTRIES |
: |
Lebanon, Ukraine, Iraq, Guatemala, Canada, Russia, Egypt, Bulgaria,
Poland, Finland, Spain, Portugal, UK, Italy |
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MERCHANDISE EXPORTED |
: |
Yarn |
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PREMISES |
: |
Head Office & Production Plant: Levent Mah. Ceyhan Yolu 4. Km. No:
176 Yuregir- Adana (rented) (3,000 sqm) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
There was an upwards trend at business volume in 2006 but there
appears a stagnating trend in the first 9 months of 2007. |
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SIZE OF BUSINESS |
: |
Upper- moderate |
FINANCE
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MAIN DEALING BANKERS |
: |
Finansbank Cukurova branch in Adana Akbank Adana Ticari branch in Adana |
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CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
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PAYMENT BEHAVIOUR |
: |
No payment delays
have come to our knowledge except a one off delay which was resolved later
on. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN
RESOURCES) |
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High |
As of 31.12.2006 |
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LIQUIDITY |
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Liquidity ratios were high as of 31.12.2006
but there was an unfavorable gap between the collection and payment periods
adversely affecting liquidity. |
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PROFITABILITY |
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Low |
In 2006 |
Low |
Between
01.01-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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Good |
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CREDIT OPINION
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PROPOSED CREDIT AMOUNT |
: |
USD 15,000,000 DA |
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 450,000 may be
granted to the subject company. |
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|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE
SHEET
|
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YTL |
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|
31.12.06 |
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CURRENT ASSETS |
2.061.080 |
|
0,62 |
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Cash and Banks |
11.967 |
|
0,00 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
1.076.486 |
|
0,32 |
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Other Receivable |
130 |
|
0,00 |
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Inventories |
616.289 |
|
0,18 |
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Advances Given |
354 |
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0,00 |
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Other Current Assets |
355.854 |
|
0,11 |
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NON-CURRENT
ASSETS |
1.289.686 |
|
0,38 |
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Long-term Receivable |
0 |
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0,00 |
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Financial Assets |
0 |
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0,00 |
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Tangible Fixed Assets (net) |
1.113.582 |
|
0,33 |
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Intangible Assets |
158.357 |
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0,05 |
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Other Non-Current Assets |
17.747 |
|
0,01 |
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TOTAL ASSETS |
3.350.766 |
|
1,00 |
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CURRENT
LIABILITIES |
727.312 |
|
0,22 |
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Financial Loans |
0 |
|
0,00 |
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Accounts Payable |
698.846 |
|
0,21 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Short-term Payable |
11.918 |
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0,00 |
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Advances from Customers |
0 |
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0,00 |
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Taxes Payable |
16.548 |
|
0,00 |
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Provisions |
0 |
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0,00 |
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Other Current Liabilities |
0 |
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0,00 |
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LONG-TERM
LIABILITIES |
0 |
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0,00 |
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Financial Loans |
0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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Long-term Payable |
0 |
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0,00 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS'
EQUITY |
2.623.454 |
|
0,78 |
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Paid-in Capital |
2.545.414 |
|
0,76 |
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Inflation Adjustment of Capital |
69.520 |
|
0,02 |
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Reserves |
0 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-50.113 |
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-0,01 |
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Net Profit (loss) |
58.633 |
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0,02 |
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TOTAL
LIABILITIES AND EQUITY |
3.350.766 |
|
1,00 |
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INCOME
STATEMENTS
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YTL |
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YTL |
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2006 |
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|
01.01-30.09.2007 |
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Net Sales |
4.214.405 |
|
1,00 |
|
3.249.682 |
|
1,00 |
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Cost of Goods Sold |
3.960.010 |
|
0,94 |
|
3.054.783 |
|
0,94 |
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Gross Profit |
254.395 |
|
0,06 |
|
194.899 |
|
0,06 |
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Operating Expenses |
219.802 |
|
0,05 |
|
140.836 |
|
0,04 |
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Operating Profit |
34.593 |
|
0,01 |
|
54.063 |
|
0,02 |
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Other Income |
54.083 |
|
0,01 |
|
22.030 |
|
0,01 |
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Other Expenses |
22.059 |
|
0,01 |
|
39.862 |
|
0,01 |
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Financial Expenses |
7.984 |
|
0,00 |
|
16.990 |
|
0,01 |
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Profit (loss) Before Tax |
58.633 |
|
0,01 |
|
19.241 |
|
0,01 |
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Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
58.633 |
|
0,01 |
|
19.241 |
|
0,01 |
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FINANCIAL
RATIOS
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2006 |
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01.01-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,83 |
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--- |
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Acid-Test Ratio |
1,50 |
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--- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,18 |
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|
--- |
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Short-term Receivable/Total Assets |
0,32 |
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|
--- |
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Tangible Assets/Total Assets |
0,33 |
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--- |
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TURNOVER RATIOS |
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Inventory Turnover |
6,43 |
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|
--- |
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Stockholders' Equity Turnover |
1,61 |
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|
--- |
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Asset Turnover |
1,26 |
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--- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,78 |
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--- |
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Current Liabilities/Total Assets |
0,22 |
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--- |
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Financial Leverage |
0,22 |
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--- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,02 |
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|
--- |
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Operating Profit Margin |
0,01 |
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|
0,02 |
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Net Profit Margin |
0,01 |
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
91,95 |
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--- |
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Average Payable Period (days) |
63,53 |
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--- |
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RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)